MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
TANNA AGRO IMPEX PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, Tanna House, 11-A, Nathalal Parekh Marg, Mumbai
- 400039, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.06.1993 |
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Com. Reg. No.: |
11-072538 |
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CIN No.: [Company Identification
No.] |
U65923MH1993PTC072538 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09039C |
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PAN No.: [Permanent Account No.] |
AABCT0245J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Agricultural Commodities. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 18000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track records.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
The management of non cooperative
LOCATIONS
|
Registered Office/Head Office : |
2nd Floor, Tanna House, 11-A, Nathalal Parekh Marg, Mumbai
- 400039, |
|
Tel. No.: |
91-22-22021791/22029162 |
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Mobile No.: |
91-9825211043 (Mr. Dinesh Tanna) |
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Fax No.: |
91-22-22021048 |
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E-Mail : |
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Website : |
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Area : |
2500sq.fts |
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Location : |
Owned |
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Factory 1 : |
Bedeshear, |
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Tel. No.: |
91-288-2755593 |
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Fax No.: |
91-288-2755593 |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dipak Kalyanji Tanna |
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Designation : |
Director |
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Address : |
Coolshang, |
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Date of Birth/Age : |
24.12.1958 |
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Date of Appointment : |
08.07.1993 |
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DIN No. : |
00151217 |
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Name : |
Mr. Niranjan Tanna |
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Designation : |
Director |
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Address : |
Coolshang, |
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Date of Birth/Age : |
24.12.1938 |
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Date of Appointment : |
25.08.2005 |
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DIN No. : |
00175932 |
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Name : |
Ms. Arti Kalyanji Tanna |
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Designation : |
Director |
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Address : |
Navroze Apartment, 8th Floor, 36 Bhulabhai Desai Roa,
Mumbai – 400026, |
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DIN No. : |
00202836 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Tanna |
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Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dipak Tanna |
|
515000 |
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Niranjana Tanna |
|
10000 |
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Dipak Tanna Family Turst – |
|
530000 |
|
Pave Investments and Leasing Private Limited – |
|
29000 |
|
Infocus Investments Private Limited – |
|
29000 |
|
Equal Investrade Private Limited – |
|
29000 |
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Zilmil Investrade Private Limited – |
|
24000 |
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Kenwood Stockfin Private Limited – |
|
29000 |
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Sohni Tanna |
|
4990 |
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Dipak Enterprises – |
|
10 |
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Total |
|
1200000 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
11.67 |
|
Directors or relatives of Directors |
88.33 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Agricultural Commodities. |
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Exports : |
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Products : |
HPS Ground Nuts, Spices, Non-Basmati Rice, Seasame Seeds, Coffee,
Sugar |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days, 60 days, 90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days, 90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ramesh M Sheth and Associates Chartered Accountant |
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Address : |
1-A, Mulji Mistry Building, 1st Floor, Tejpal Road,
Vileparle East, Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-26116260/26166064 |
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Fax No.: |
91-22-26176577 |
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Email : |
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Pan No. : |
AAAFR2194J |
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Associates : |
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Others Related Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1995000 |
Equity Shares |
Rs.10/- each |
Rs.19.950 Millions |
|
5000 |
Unclassified Shares |
Rs.10/- each |
Rs.0.050 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs.12.000
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.000 |
12.000 |
12.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
438.027 |
303.917 |
233.041 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
450.027 |
315.917 |
245.041 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1644.505 |
977.946 |
667.958 |
|
|
2] Unsecured Loans |
169.375 |
11.042 |
43.522 |
|
|
TOTAL BORROWING |
1813.880 |
988.988 |
711.480 |
|
|
DEFERRED TAX LIABILITIES |
7.587 |
7.278 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2271.494 |
1312.183 |
956.521 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.744 |
49.782 |
44.122 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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INVESTMENT |
0.039 |
12.039 |
13.037 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
2381.720
|
1158.596
|
919.290 |
|
|
Sundry Debtors |
357.565
|
97.661
|
317.432 |
|
|
Cash & Bank Balances |
24.479
|
22.948
|
29.256 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
196.682
|
118.369
|
100.288 |
|
Total
Current Assets |
2960.446
|
1397.573
|
1366.266 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
615.755
|
82.384
|
424.609 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
136.980
|
64.827
|
42.295 |
|
Total
Current Liabilities |
752.735
|
147.211
|
466.904 |
|
|
Net Current Assets |
2207.711
|
1250.362
|
899.362 |
|
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|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
2271.494 |
1312.183 |
956.521 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
|
5514.807 |
3112.902 |
|
|
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Other Income |
|
23.213 |
179.151 |
|
|
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TOTAL (A) |
|
5538.020 |
3292.053 |
|
|
|
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
3535.904 |
2407.669 |
|
|
|
Raw Material Consumed |
|
695.344 |
398.450 |
|
|
|
Packing Material Consumed |
|
44.411 |
37.846 |
|
|
|
Manufacturing and Direct Expenses |
|
457.968 |
107.407 |
|
|
|
Administrative and Other Expenses |
NA |
42.764 |
35.517 |
|
|
|
Selling and Distribution Expenses |
|
584.274 |
193.293 |
|
|
|
Donation |
|
1.160 |
0.841 |
|
|
|
TOTAL (B) |
|
5361.825 |
3181.023 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
176.195 |
111.030 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
52.161 |
48.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
211.768 |
124.034 |
62.381 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.782 |
4.657 |
4.518 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
205.986 |
119.377 |
57.863 |
|
|
|
|
|
|
|
|
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Less |
TAX (I) |
71.875 |
48.501 |
21.351 |
|
|
|
|
|
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
134.111 |
70.876 |
36.512 |
|
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|
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|
Less |
INCOME TAX PRIOR
YEARS |
0.000 |
0.000 |
0.797 |
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|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.916 |
10.041 |
10.326 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
127.000 |
70.000 |
36.000 |
|
|
BALANCE CARRIED
TO THE B/S |
18.027 |
10.917 |
10.041 |
|
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|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5576.913 |
4400.723 |
2388.375 |
|
|
TOTAL EARNINGS |
5576.913 |
4400.723 |
2388.375 |
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|
|
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|
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|
Earnings Per
Share (Rs.) |
111.75 |
59.06 |
30.43 |
|
Expected Sales (2010-2011) : Rs.10000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.27
|
1.11 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.16
|
1.86 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.81
|
8.24
|
4.10 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.38
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.70
|
3.59
|
4.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.93
|
9.49
|
2.92 |
LOCAL AGENCY FURTHER INFORMATION
The Sundry
Creditors Details
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors
|
|
|
|
|
Sundry Creditors for Goods |
584.637 |
46.310 |
334.192 |
|
Sundry Creditors for Others |
31.118 |
36.074 |
90.417 |
|
Total |
615.755 |
82.384 |
424.609 |
Contingent
Liabilities:
a. Total Guarantees issued by Indian bank Consortium is Rs. 0.200
millions against which the company has paid margin money of Rs.0.200 millions.
b. Estimated amount of contracts remaining to be executed on capital
account are Rs. 15.544 millions. (Previous year Rs. Nil).
c. Bills purchased I negotiated by banks is Rs Nil millions (Previous
year Rs.2.320 millions).
d. The Company has uaranteed the facility availed by Companies/Firm in
which Directors are interested. Total Outstanding as on 31.3.2010 is Rs 6.311
Millions (Previous year Rs.68.000 Millions)
e. The Company has received a demand for Rs.11.072 millions from Income
tax department for disallowance of the deduction U/s.8OHHC of Income Tax Act
1961, for assessment years 1999-00,; 2001-02, 2002-03 and 2003-04 against which
an appeal has been filed with CIT Appeals. The Company has made payment of
Rs.7.182 millions towards above demand. (Previous year Rs. 6.456 Millions).
Fixed Assets:
- Plant and
Machinery
- Land
- Vehicles
- Furniture and
Fixtures
- Buildings
Electrical Installation
- Computers
- Paintings
Form 8:
|
Corporate
identity number of the company |
U65923MH1993PTC072538 |
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|
Name of the
company |
TANNA AGRO IMPEX
PRIVATE LIMITED |
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|
Address of the registered
office or of the principal place of
business in |
2 Nd Floor
Tanna House11/A, Nathalal P Marg, Mumbai – 400039, |
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|
This form is for |
Modification of
charge |
||||||||||||||||
|
Type of charge |
Book Debts Movable Property Immovable
Property Current assets |
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Particular of
charge holder |
Indian Bank,
United e-mail : info@ca-adlalwani.com |
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Nature of
instrument creating charge |
1. Joint Fifth
Supplement Deed Of Hypothecation 2. Memorandum Of
Entry (All The Above
Ageement Constitute A Single Charge) |
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Date of
instrument Creating the charge |
08.12.2010 |
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Amount secured by
the charge |
Rs.1850.000
Millions |
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|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipualted By
Bank From Time To Time Terms of
Repayment As Stipualted By
Bank From Time To Time Margin As Stipualted By
Bank From Time To Time Extent and
Operation of the charge As Stipualted By
Bank From Time To Time Total Limit Rs. 1850.000 Crs
Rs. in millions
Others As Stipualted By
Bank From Time To Time And As Per Agreement Attached And As Per Sanction
Letter Of The Bank |
||||||||||||||||
|
Short particulars
of the property charged |
First Charge
(Present And Future)- Hypothecation Of All Current Assets Including
Stock,Book Debts and Receivables,Plant And Machinery And Movable ,Fixed
Assets First Charge(Present And Future)- Mortgage Of Comp [Any’s Land And
Building At Gharaunda, Haryana |
||||||||||||||||
|
Particulars of
the present modification |
By This
Modification Limit Stand To Rs. 1850.000 millions (Indian Bank =Rs.780.000
millions, United Bank Of India Rs.700.000 millions And State Bank Of India
Rs.370.000 millions),Continuing Security As Given By Original Charge As Well
As By Modifications., Terms And Conditions As
Per Agreement Attached And As Per Sanction Letter Of The Banks |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.